Vernon Real Estate Market Action Report

It’s hard to believe its November! The good news is that the Vernon Real Estate market is alive and well!

How?

First, one of the important market indicators is Inventory. As compared to 2010 and 2011, Inventory is at its lowest point at 173. As a comparable, October 2010 had 191 and October 2011 had 202! The lower the inventory the better for sellers!  

Second, the average day on the market (DOM) is 94 - not great. DOM helps to show us a couple things - buyer activity, pricing of properties and desire for a town. October 2010 was 114 and 2011 58. 

Of note on DOM - Some sellers price their homes according to what they "want" or "need", and not at what it's worth in the current market as determined by recent solds and appraisals. As a result, these properties do not sell and stay on the market double and sometimes triple the average and become “stale” or have very little to no activity.

Third, Property sales in October were 27. As a comparison, October 2010 it was 17 and 2011 it was 21. Good news.

Lastly, It appears as though average sales price (ASP) are still on the decline in Vernon. The Median sales price in October was $152,500. This is down 10% from October 2011 and down 21.8% from 2010. 

With inventory being low it will help counter the decline in ASP. Also, historically low interest rates are a good thing right now. For more detailed information about the current market, please see the attached three page Market Action Report.

Rocco Sanzo, GRI, Managing Broker

Coldwell Banker Residential Brokerage

South Windsor, CT

www.RoccoSanzo.com

Rocco.Sanzo@CBMoves.com